S. Africa slips into recession as GDP contracts in Q2

A reading of 0.5-1.0% now looks more likely."A contraction for the fourth quarter of 2016 was later revised to show growth, resulting in this being the first recession since the financial crisis of 2009".

South Africa's Economy has officially slipped into a technical recession after its Gross Domestic Product (GDP) declined by 0.7% in Q2 2018.

Pienaar said government, the private sector as well as economists may have over-estimated growth after the economy grew by 1.3% in real terms in 2017.

Stats SA also said the economic contraction in the first quarter was steeper than initially recorded, at 2.6 per cent. Analysts had predicted that the economy would grow 0.6 per cent in the latest quarter.

According to the report, Africa's most developed economy needs faster economic growth if it is to reduce high unemployment - now at 27 per cent - and alleviate poverty and inequality that stokes instability.

The minister was speaking on the sidelines of the Forum on China Africa co-operation in Beijing on Tuesday, 04 September.

Steinhoff bucked the negative trend, rising 5.73 percent after former chief executive Markus Jooste's appearance at a parliamentary inquiry, claiming no knowledge of any accounting irregularities at the time of his departure in December.

Democratic Alliance leader Mmusi Maimane said he would write to National Assembly speaker Baleka Mbete requesting an urgent debate on how to get the country's economy "up and running again".

"Vasili Girasis, market trader at BP Bernstein said: "(There is) a lot of pressure on banks and retailers, as expected with such a weak rand.

South Africa's dwindling economy comes as a challenge to President Cyril Ramaphosa, who has vowed to bring economic reforms to the country after successfully ousting former corrupt president, Jacob Zuma.

The direction of travel of the economy now means the government can not afford to waste time in implementing market-friendly policies, while it would also do well to jettison those populist policies that diminish the view of South Africa as an attractive investment destination amongst worldwide investors.

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